It's not an official price, but Nintendo has confirmed what most of us have already probably guessed - the Wii is going to be cheap.

Well, cheaper than a PlayStation 3 or Xbox 360 at any rate. In a statement, Nintendo said the price of their new console would -not exceed US$250 in America". The company says it will be available at a similar price in Australia, so going by rough exchange rates, that will mean the Wii will cost about AU$330.

-The company plans to ship six million systems to retailers around the world between its launch in the fourth quarter of 2006 and the end of its fiscal year on 31st March 2007," Nintendo said.

The company also said it expects to sell 17 million Wii games in the period. No word yet on an exact launch date locally.